XOMA Royalty moves for Mural Oncology —
XOMA Royalty’s subsidiary XRA 5 Corp. announced on 20 August that it will acquire Mural Oncology in a deal worth up to $36.2 million. The offer includes $2.035 per share in cash and an additional $0.205 per share contingent on milestones, representing a 13.1% premium.
The transaction continues XOMA’s strategy of acquiring distressed biotech companies to consolidate royalty streams. Industry analysts noted that Mural’s pipeline had stalled, making the buyout a financial, rather than R&D-driven, play.
RWA Wealth acquires Moirai —
On 18 August, RWA Wealth Partners acquired San Francisco-based Moirai Wealth Management, a registered investment adviser with $344 million in assets under management. The four-person Moirai team will join RWA, and the firm plans to open a new San Francisco office later in 2025.
The acquisition strengthens RWA’s family-office capabilities and West Coast presence, expanding its network in a highly competitive market.
Mubadala takes CI Financial private —
Also on 18 August, Mubadala Capital finalised a take-private deal for CI Financial, valuing the Canadian asset manager at C$12.1 billion (US$8.76 billion). The transaction marks one of the largest wealth-management deals of the year.
The acquisition reflects the growing role of sovereign wealth capital in reshaping the financial services sector, with Mubadala adding scale and stability to CI’s platform.
Local TV power play sees Nexstar acquire Tegna —
Nexstar Media Group announced earlier this week that it will acquire Tegna in an all-cash deal worth $6.2 billion, including debt. The $22-per-share offer represents a 31% premium to Tegna’s 30-day average price.
The combined company would reach 80% of U.S. television households, a level above the FCC’s 39% cap, setting up a regulatory challenge. Critics have raised concerns about the impact on local journalism, while proponents argue that digital disruption justifies consolidation. Nexstar expects to close in the second half of 2026, subject to approvals.
Honeywell buys SparkMeter platforms in grid optimisation push —
On 20 August, Honeywell acquired three utility platforms from SparkMeter — Praxis, GridScan, and GridFin — for an undisclosed amount. The assets will be integrated into Honeywell Forge Performance+ for Utilities, bolstering the company’s grid analytics and smart-energy portfolio.
The move continues Honeywell’s restructuring strategy, which has included $14 billion in acquisitions since 2023 and several planned spin-offs. Executives said the purchase advances the company’s capabilities in monitoring and managing distributed energy systems.
Bottom line —
This week’s U.S. M&A activity reflects three converging forces: consolidation under industry pressure, regulatory recalibration, and the expanding influence of patient sovereign capital.
In media, Nexstar’s $6.2 billion bid for Tegna underscores the urgency for broadcasters to build scale as traditional advertising revenue erodes. Yet as Brian Wieser of Madison & Wall notes, “consolidation won’t be a quick fix” for TV ad weakness, with structural decline tied to digital platforms such as Amazon and The Trade Desk. Local journalism experts have also warned that consolidation may lead to thinner newsrooms and greater content duplication, risking further deterioration in community coverage.
In asset and wealth management, Mubadala Capital’s take-private of CI Financial highlights the growing role of sovereign wealth funds in anchoring long-term, cross-border deals. The transaction demonstrates how patient capital, unconstrained by quarterly earnings cycles, is reshaping ownership structures and favouring strategic continuity over shorter-term private equity plays.
In the industrial sector, Honeywell’s acquisition of SparkMeter’s utility platforms shows how corporates are pursuing digital capabilities via targeted deals rather than wholesale integrations. With decarbonisation and grid modernisation high on the policy agenda, embedded intelligence and analytics now carry greater value than physical infrastructure alone.
Finally, XOMA’s acquisition of Mural Oncology illustrates the shift in biotech from innovation funding to monetisation plays. With sector financing tightening, investors are increasingly willing to capture value by consolidating distressed assets and royalty streams, rather than banking on breakthrough pipelines.
Key takeaways —
- Scale does not equal resilience in media: Nexstar–Tegna may deliver operational synergies, but without digital ad innovation, structural headwinds remain.
- Digital capabilities drive industrial M&A: Honeywell’s focus on analytics and data integration reflects a wider shift in deal value.
- Sovereign capital sets the pace in finance: Mubadala’s move signals growing appetite for stable, long-horizon assets in wealth management.
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